Magellan Asset Management Ltd grew its position in SBA Communications Corporation (NASDAQ:SBAC – Free Report) by 19.9% during the 1st quarter, HoldingsChannel reports. The fund owned 112,722 shares of the technology company’s stock after purchasing an additional 18,693 shares during the period. Magellan Asset Management Ltd’s holdings in SBA Communications were worth $19,401,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in the company. Dodge & Cox boosted its stake in shares of SBA Communications by 24.1% during the 4th quarter. Dodge & Cox now owns 11,996,134 shares of the technology company’s stock worth $2,320,412,000 after purchasing an additional 2,328,837 shares during the period. State Street Corp raised its position in SBA Communications by 3.3% in the 4th quarter. State Street Corp now owns 4,911,615 shares of the technology company’s stock worth $950,054,000 after purchasing an additional 158,738 shares during the period. Geode Capital Management LLC raised its position in SBA Communications by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 3,085,112 shares of the technology company’s stock worth $594,655,000 after purchasing an additional 16,153 shares during the period. Diamond Hill Capital Management Inc. lifted its stake in SBA Communications by 9.7% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 2,034,920 shares of the technology company’s stock worth $393,615,000 after purchasing an additional 179,591 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in SBA Communications by 0.5% in the fourth quarter. Invesco Ltd. now owns 1,815,032 shares of the technology company’s stock worth $351,082,000 after purchasing an additional 9,656 shares during the last quarter. Institutional investors own 97.35% of the company’s stock.
SBA Communications Trading Down 2.8%
Shares of SBAC stock opened at $176.82 on Wednesday. SBA Communications Corporation has a twelve month low of $162.41 and a twelve month high of $243.16. The stock has a fifty day simple moving average of $193.77 and a two-hundred day simple moving average of $195.23. The stock has a market capitalization of $18.75 billion, a price-to-earnings ratio of 18.61, a P/E/G ratio of 1.82 and a beta of 1.00.
SBA Communications Dividend Announcement
Analyst Upgrades and Downgrades
A number of research analysts have recently commented on SBAC shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of SBA Communications in a research note on Monday. Barclays raised their price target on SBA Communications from $244.00 to $245.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 5th. Royal Bank Of Canada dropped their price objective on SBA Communications from $245.00 to $210.00 and set an “outperform” rating for the company in a report on Friday, July 10th. KeyCorp upped their price objective on SBA Communications from $235.00 to $250.00 and gave the company an “overweight” rating in a research report on Thursday, April 30th. Finally, Morgan Stanley increased their target price on SBA Communications from $215.00 to $225.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 9th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $235.28.
View Our Latest Stock Analysis on SBAC
SBA Communications Profile
SBA Communications Corporation (NASDAQ: SBAC) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.
In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.
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